Global
smart elevator market was estimated to be USD 10.50 billion in 2014 and is
expected to witness significant growth on account of its increasing adoption in
emerging economies of Asia Pacific, Middle East and Latin America. Safety,
reliability and longer durability is expected to drive growth.
Increasing
requirement for faster vertical mode of transportation owing to the increasing
number of skyscrapers along with growing purchasing power of consumers in
Brazil, China, and India is expected to fuel growth. Rising need for energy
efficient systems along with controlled transportation traffic are other key
parameters fueling demand. Favorable government regulations along with
expeditious infrastructure development in emerging countries are also expected
to result in development of the industry in the near future. The market is
anticipated to reach USD 30.55 billion by 2022.
In depth research report on Smart Elevator Market
Technological innovations resulting in several benefits including digital control security are also likely to contribute to growth. Better traffic management, cost efficient power consumption, and reduced waiting time for passengers are also expected to boost the market at a significant rate.
Demand
for smart elevators in new deployment solutions accounted for over 40% of the
global market revenue in 2014. Increasing government spending on infrastructure
development, particularly in Asia Pacific, is expected to augment growth over
the forecast period.
Elevator
automation including efficient transportation and time-energy saving
deployment, is expected to witness significant gains over the forecast period
at a CAGR of 15.6%. Elevator access security & control contributed to
account for more than 35% of the total share in 2014 and is expected to lose
share to the automation segment over the forecast period.
Maintenance
accounted for less than 6% of the market share in 2014. However, it is
anticipated to witness significant growth in coming years, particularly in
North America and Europe owing to the existence of installed systems and high
prevalence of MRO activities in the region. Stagnant economic growth of these
regions is anticipated to fuel maintenance activities of smart elevators.
Smart
elevators industry for residential applications was valued at USD 2.29 billion
in 2014 and is estimated to increase in the near future on account of rising
disposable income and increasing demand for energy efficient alternatives. Consumer
preference towards energy-efficient solutions for industrial applications is
expected to propel growth in the near future at a CAGR of 15.6% over the
forecast period. Rapid industrialization, particularly in Asia Pacific and
Latin America, coupled with growing inclination of manufacturers towards
automation is expected to result is high demand for the technology.
In
2014, North America led the global market accounting for 42.3% of the total
market revenue. Asia Pacific is expected to witness substantial growth at a
CAGR of 19.0% over the projected period on account of rising urbanization,
technological advancement, high purchasing power, and infrastructure
development in the region. Supportive government initiatives to upgrade
existing systems is anticipated to fuel the growth of the Europe industry in
the near future.
Key
players include Bosch Security Systems, Schindler, Schneider Electric,
Mitsubishi Electric Corporation, Kone, Otis Elevator Company, Hyundai Elevator
Co. Ltd., Fujitec, and Hitachi Ltd. The industry is characterized by enhanced
service facility and efficient distribution channels for manufacturers to gain
an advantage over their competitors.
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